Business Plans - Frequently Asked Questions

Why do I need a business plan?
A business plan helps you systematically think through the steps involved in your business development. By completing a business plan you will better understand the markets, costs and competitive factors that will influence the future of your business. A well thought out plan gives you a good understanding of the financing and resources you require. Think of a business plan as a working document, one that changes, expands and shifts with the times. As well as a planning document for you, a business plan is often needed so as to be able to obtain financial assistance.

What is included in a business plan?
A business plan is a description of your business, including your product, your markets, your management team and your financial needs. Your plan should also include a marketing strategy and a risk management strategy.

Where can I find information on business plans?
Information on developing business plans is available from provincial government departments, the federal government, business service centres, chartered banks, libraries, universities and consulting companies. It is very important that you are actively involved in the development of your business plan as you are the one that has to make the business decisions. The research and gathering of information helps you more fully understand all elements and factors that may affect your business.

Further information can be found on the Alberta Agriculture and Forestry web site www.agriculture.alberta.ca or by calling Alberta Agriculture New Venture Specialist at 310-FARM(3276)